High central bank sales of the dollar to $ 91 million Aktrmen

[yota691]

High central bank sales of the dollar to $ 91 million Aktrmen
Monday, February 2, 2015 15:09

 

 

[baghdad-where]

 

CBI sales rose in the auction for the sale of foreign currency to more than $ 91 million.

 

According to a statement of the bank received by all of Iraq [where] a copy of the "amount sold by the bank the size of today's auction at the price of the dollar stood at 91 million and 724 thousand dollars at 1166 dinars to the dollar exchange rate and the participation of 16 banks."

 

He pointed out that "the quantity sold in cash amounted to seven million and 650 thousand dollars, and the quantity sold Khawwalat amounted to 84 million and 74 thousand dollars."

 

The statement said that "the Iraqi Central Bank to continue buying and selling dollars at 1166 dinars," adding that "the sale of remittances price 1187 JD / dollar, including the commission of the Central Bank of 21 dinars per dollar, with total cash sales price of $ 1190 JD / dollar, including the commission Bank Central of 24 dinars per dollar. "

 

The central bank has sold in the past month, more than $ 2.8 billion.

 

It is expected that the dollar sales decline in the auction for this year, according to the law of the state budget, which began in Parliament on 29 January last is expected to be published in the coming days after the presidency authentication to put into practice.

 

The law stipulates that the central bank is committed to identifying sales of hard currency [dollar] in the daily auction ceiling does not exceed $ 75 million a day with the exercise of justice in the sales process, and calls for participating in the auction the bank providing the introduction of cargo documents and statements of tax settling accounts and savings Alkmarki within 30 days from the date of buy it for the amount and otherwise apply to the bank penalties stipulated in the Central Bank Act or regulations issued it, and use other banking tools to maintain the strength of the dinar against the dollar.

 

It was not known if the price of the Iraqi dinar will be affected by the application of this Article Observers fear that the lack of supply of the dollar in the markets will lead to a high price in dinars and is well known that the official price of the dollar is 1166 dinars while sold in the market at a price ranging at a rate of 1220 Danara.anthy

[Butifldrm]

 

 

The US dollar

Dinar fall against the dollar after the central bank's actions and recommendations budget

 

Author: BS, MK 
Editor: BS 2.2.2015 eighteen past three p.m.number of readings: 139 
 

 

 

Long-Presse / Baghdad

Economic Commission attributed the Iraqi Council of Representatives, on Monday, rising dollar exchange rate of the dinar in the Iraqi market to the decisions taken by the Central Bank during the past few days to support the economic development that, while likely economist return of the dollar to normal rates through a simple period, attributing the reason for the rise to "rush" banking offices to buy the dollar, as well as reducing the quantities sold by the central bank as recommended by the general budget.

 

 

http://www.almadapress.com/ar/news/43565/%D8%A7%D9%84%D8%AF%D9%8A%D9%86%D8%A7%D8%B1-%D9%8A%D9%86%D8%AE%D9%81%D8%B6-%D8%A7%D9%85%D8%A7%D9%85-%D8%A7%D9%84%D8%AF%D9%88%D9%84%D8%A7%D8%B1-%D8%A8%D8%B9%D8%AF-%D8%A5%D8%AC%D8%B1%D8%A7

The market rate is now 1250.   Yesterday, the market rate was 1235 Dinars to the dollar.  This may cause a stir, until the CBI gets their mechanism worked out.

http://www.cbi.iq/documents/CBI_FOREIGN_EXCHANGE_AUCTIONS.pdf

Looks like the CBI needs a little help.

 

 

 

Help sale and purchase of foreign currency ( No. 26/3/9 for the year 2015 ) 
02/02/2015

Edited February 2, 2015 by Butifldrm

[yota691]

It stir the rate of the IQD to increase it's value...it's called supply and demand....it's perfectly being planned out....Thks Butifldrm and GM 

[Texstorm]

Not another hickup ! Come on CBI follow the law.

[Big_J]

HHHMMM? I have an idea of how to fix it. GM butifldrm.

[yota691]

Central sales of the dollar rises session today to $ 91 million

Date: 02/02/2015 15:54

 

 

Information / Baghdad / .. increased central bank sales of dollars at an auction on Monday, on the sale and purchase of foreign currencies to 91 million and 724 thousand dollars, after being hit on Sunday 74 million and 993 000 dollars and a stable exchange rate at 1166 dinars to the dollar. The bank said In a statement, the agency / information / received a copy of it, that "demand for the dollar distributed by 7.65 million dollars were sold in cash, while the value of the amounts sold form of remittances 84 million and 74 000 dollars at 1178 dinars to the dollar, while the purchase price of the dollar amount in cash 1190 dinars. " Central Bank of Iraq and held six auction sessions except Friday week, for the sale and purchase of foreign currencies, and receive a commission of / 13 / dt for every dollar with a discount / 8 / dinars per dollar on the amounts purchased, namely that the purchase price of US dollars in cash equal to cash sales price of the dollar, less / 8 / dinars. Finished / 25 Q 
 

[Big_J]

BUMP

[SnowGlobe7]

things are moving and shaking......come on guys!!!

[coorslite21]

In the budget article 50 states that the daily auctions are not to exceed 75 Million.  Todays auction would indicate that the Budget has been approved, but not implemented.  Abadi has 15 days to sign it, and then it is posted in the Gazette as Article 59 states.  So we wait a while longer.  Also recall that there are a large numbers of laws that are waiting to be passed and implemented.  Many believe this will occur all at one.

Article -50 - the central bank is committed to identifying sales of foreign currency (dollar ) in the daily auction ceiling not to exceed $ 75 million a day with the exercise of justice in the sales process. The demands Co bank in the auction provide goods enter documents and statements of tax settling accounts and savings Alkmarki within 30 days from the date of purchase of the amount and otherwise apply to the bank penalties stipulated in the Central Bank Act, or instructions issued from it and use other banking tools to maintain the strength of the dinar against the dollar.

Article - 59 - published in the Official Gazette and implemented with effect from 1 / January / 2015.

Reasons
The purpose of approving the federal budget of the Republic of Iraq for the fiscal year 2015 began this law

The Gazette can be found at this link. As of this morning there is nothing published on the budget.

http://www.microsofttranslator.com/bv.aspx?from=&to=en&a=http%3A%2F%2Fwww.moj.gov.iq%2Firaqmag%2F
 

[yota691]

I hear ya coorslite..but I don't think they (CBI) just stop because sales reach 75 M..they have put other measure in place which gives the CBI 30 days to act, as your statement reads identifying sales to ensure legit sales....it's almost like a Deposit that takes time to clear...and then credits will be issued..IMO

any how it works...this should cause a Demand..and this is Big piece of the puzzle..IMO..and I will try to find out more on this later on today and see if I  can find any Info on this...again this all just MO...

[coorslite21]

Thanks Yota.  I look forward to reading what you come up with. We are heading in the right direction. 

 

Again, thanks for all of your efforts each and every day!!

 

CL21

[captl1]

Nice find Yota.. We should see a decrease in auctions.

[Butifldrm]

HHHMMM? I have an idea of how to fix it. GM butifldrm.

 

GM Bij_J and yota.   The only way to fix this problem of limiting the sale of the dollar, is for the CBI to move out of article XIV and into article VIII, there by declaring the IQD a hard currency.  A currency which can be traded internationally.  the supply and demand issue and the increased price of the dollar stems from the dollar holding the hard currency status in Iraq.  The new announcement from the CBI, I'm positive will say that all banks and minors must submit a representative who will be in charge of the auctions and the dollar exchanges and that person will hold the relationship and be accountable to the CBI, to deter corruption.  Until this process is completed and these relationships are built, we will see an increase in the price of the dollar.  The more banks that register these representatives to handle the exchanges, the more dollars will be available and the price of the dollar will come down and stabilize, until the CBI decides to take the IQD to an international status. 

[TBomb]

REMEMBER EVERYONE - THIS WAS POSTED BY ALLIRAQ TO BE PART OF THE BUDGET LAW - REMEMBER, THE DAY THE BUDGET WAS READ - ALLIRAQ POSTED EACH AMENDMENT OF THE BUDGET RIGHT AFTER THEY WERE READ - THEY HAVE A THIRTY DAY LIMIT TO POST THIS IN THE GAZETTE

 

 

.altsoat Urgently to prevent the central bank selling more than 75 million dollars a day in the auction

Thursday, December 29 2 / January 2015 21:00

 

[baghdad where]

House of Representatives voted to prevent the central bank from the sale of more than $ 75 million a day in the auction .itba

http://translate.googleusercontent.com/translate_c?depth=2&hl=en&rurl=translate.google.com&sandbox=0&sl=ar&tl=en&u=http://www.alliraqnews.com/2011-04-18-02-57-37/165189--75-.html&usg=ALkJrhgf_CGgLg_4BV1XxNpvXzElVevFug

Edited February 3, 2015 by TBomb

[Butifldrm]

REMEMBER EVERYONE - THIS WAS POSTED BY ALLIRAQ TO BE PART OF THE BUDGET LAW - REMEMBER, THE DAY THE BUDGET WAS READ - ALLIRAQ POSTED EACH AMENDMENT OF THE BUDGET RIGHT AFTER THEY WERE READ - THEY HAVE A THIRTY DAY LIMIT TO POST THIS IN THE GAZETTE

 

 

.altsoat Urgently to prevent the central bank selling more than 75 million dollars a day in the auction

Thursday, December 29 2 / January 2015 21:00

 

[baghdad where]

House of Representatives voted to prevent the central bank from the sale of more than $ 75 million a day in the auction .itba

http://translate.googleusercontent.com/translate_c?depth=2&hl=en&rurl=translate.google.com&sandbox=0&sl=ar&tl=en&u=http://www.alliraqnews.com/2011-04-18-02-57-37/165189--75-.html&usg=ALkJrhgf_CGgLg_4BV1XxNpvXzElVevFug

 

Well, we know that the  75M Cap was voted on in the budget law.  but, the budget law will not be enacted until it is signed by the President and officially posted in the Gazette. Then it becomes law.   The Presidency has 30 days to sign and have the law posted in the Gazette.  Then the CBI can be held accountable.  Now if you go into the CBI and read The CBI  Law, the CBI law gives the CBI to make any Market adjustments at anytime  to correct the market fluctuations, as we see with the latest moves to institute OMO to improve the liquidity of the banks without parliament approval.  The CBI is totally independent of the GOI, but answers to Parliament according to Iraq's constitution, but not according to CBI law.  http://www.cbi.iq/documents/CBILAW-EN_f.pdf .

Edited February 3, 2015 by Butifldrm

[TBomb]

BUTI IS SO CUTE (AND WHIP-SMART) - SHE'S BEEN TALKING TO ME ON THE PHONE AS SHE TYPED HER ABOVE POST - AND SAID, "OKAY, NOW, YOU GO IN AND POST YOUR REBUTTAL" - SO, HERE IT IS:

 

THIS IS WHAT THE CONSTITUTION SAYS:

 

Chapter IV
[independent bodies]

Article (103):
First: The Central Bank of Iraq, and the Office of Financial Supervision, and the media and communications, and the Endowment, independent bodies, financially and administratively, and law regulates the work of each of them.
Second: The Central Bank of Iraq is responsible before the House of Representatives, and is linked to the BSA, and the media and communications House of Representatives.
Third: The Endowment linked to the Council of Ministers.
  "
(LAW REGULATES THE WORK OF    EACH OF THEM" - LAWS HAVE TO GO THROUGH THE HOR AND THE COM)

Part  IV


Terms of reference of the federal authorities

 

(Article (110:
The federal authorities have exclusive powers of the following:
First: Formulating foreign policy and diplomatic representation and negotiation of international treaties and conventions, and borrowing policies and signature and conclusion, and drawing foreign economic and trade policy sovereign.

Second, the development of national security policy and its implementation, including setting up and managing armed forces, to ensure the protection and security of Iraq's borders, and defend it.

 

Third: Drawing fiscal policy, and customs, and issuing currency, organizing trade policy among regions and provinces in Iraq, and the development of the state budget, and formulating monetary policy and the establishment of the Central Bank, and his administration.

SO WE SEE HERE THAT THE GOI HAS CONTROL OVER THE ADMINISTRATION OF THE CBI - AND WE HAVE SEEN THIS WITH THE RECENT PLACEMENTS OF THE HEAD DEPT OF THE CBI - REMEMBER THE IMF ASKED THEM TO "RE-SEAT" THE BOARD OF DIRECTORS? - THE GOVT HAS A SAY SO AS TO WHO IS CHOSEN TO SIT AT THE HEAD.  "FORMULATING MONETARY POLICY" AND "ISSUING CURRENCY" ARE PART OF WHAT THE GOVT OVER-SEES PERTAINING TO WHAT THE CBI DOES. - THESE ARE BROAD DIRECTIVES IN THE CONSTITUTION - HOW MUCH INPUT THE GOI HAS, WE TRULY DO NOT KNOW, BUT YOU CAN SEE BY THE VERBIAGE THAT THE CBI IS NOT SOLELY INDEPENDENT REGARDING MONETARY POLICY.  

 

 

ALSO WE CAN SEE BY THE POST FROM ALLIRAQ THAT THIS "AUCTION CAP" AMENDMENT - IS SAID TO BE PART OF THE BUDGET LAW - ART 59 (I GOT THE 59 FROM SEVERAL OTHER ARTICLES REFERENCING THIS) - THIS IS A CLEAR EXAMPLE OF THE GOI SETTING CBI POLICY AND THEY'RE DOING IT BY MAKING THIS AUCTION CAP A LAW - ESSENTIALLY AN OVERNIGHT LAW, BY ADDING IT INTO/AS PART OF THE BUDGET LAW.

 

(NOTE THE "NEW" UPLOAD OF THE BUDGET IS ENCRYPTED AND SO WE WON'T BE ABLE TO VERIFY IF THIS IS IN THE BUDGET UNTIL IT'S UPLOADED - BUT FROM ALL THE ARTICLE EVIDENCE STATING IT WAS READ AS PART OF THE BUDGET - I'D SAY IT'S A GOOD BET IT IS)

 

Fourth: Regulating standards and weights, and measures.
Fifth: Regulating issues of nationality and naturalization, residence and asylum rights.
Sixth: regulation of broadcast frequencies and mail.
Seventh: put public investment budget bill.
    Eighth: policies related to water resources from outside Iraq and guaranteeing levels of water flow to him and fair distribution within Iraq, according to international laws and norms planning.

Ninth: the general census of the population.

http://www.iraq-lg-law.org/ar/content/%D8%A7%D9%84%D8%AF%D8%B3%D8%AA%D9%88%D8%B1

Edited February 3, 2015 by TBomb

[MyLadiesDaddy]

Well, we know that the  75M Cap was voted on in the budget law.  but, the budget law will not be enacted until it is signed by the President and officially posted in the Gazette. Then it becomes law.   The Presidency has 30 days to sign and have the law posted in the Gazette.  Then the CBI can be held accountable.  Now if you go into the CBI and read The CBI  Law, the CBI law gives the CBI to make any Market adjustments at anytime  to correct the market fluctuations, as we see with the latest moves to institute OMO to improve the liquidity of the banks without parliament approval.  The CBI is totally independent of the GOI, but answers to Parliament according to Iraq's constitution, but not according to CBI law.  http://www.cbi.iq/documents/CBILAW-EN_f.pdf .

 

Smart as a truck driver. You go sista

 

http://dinarvets.com/forums/index.php?/topic/196073-house-of-representatives-sends-the-current-year-budget-for-the-presidency-for-approval/

 

The budget may have been passed but it ain't law yet.

 

And that my friends is politics.  

[Theseus]

In the budget article 50 states that the daily auctions are not to exceed 75 Million.  Todays auction would indicate that the Budget has been approved, but not implemented.  Abadi has 15 days to sign it, and then it is posted in the Gazette as Article 59 states.  So we wait a while longer.  Also recall that there are a large numbers of laws that are waiting to be passed and implemented.  Many believe this will occur all at one.

Article -50 - the central bank is committed to identifying sales of foreign currency (dollar ) in the daily auction ceiling not to exceed $ 75 million a day with the exercise of justice in the sales process. The demands Co bank in the auction provide goods enter documents and statements of tax settling accounts and savings Alkmarki within 30 days from the date of purchase of the amount and otherwise apply to the bank penalties stipulated in the Central Bank Act, or instructions issued from it and use other banking tools to maintain the strength of the dinar against the dollar.

Article - 59 - published in the Official Gazette and implemented with effect from 1 / January / 2015.

Reasons

The purpose of approving the federal budget of the Republic of Iraq for the fiscal year 2015 began this law

The Gazette can be found at this link. As of this morning there is nothing published on the budget.

http://www.microsofttranslator.com/bv.aspx?from=&to=en&a=http%3A%2F%2Fwww.moj.gov.iq%2Firaqmag%2F

 

You right on the process. The Budget was signed and all that is left is the posting in the Gazette. The CBI is capable of auctions under the law. In the run up to the budget there were several days in which the Auction numbers came in well under the 75 mark. Now that I look back at these numbers, this could have been their test runs to make sure the mechanisms in place could in fact do what the draft Budget stipulated upon becoming law. Even though the Budget is retro active to Jan 1, 2015, it will be hard pressed to go back and change the CBI auctions especially since money has already changed hands. This might be one of those things they have to work out after the budget becomes official. Or just ignore everything up to the point it is published which would be the most likely scenario. Then issue could be brought up if the cap is breached. 

[Butifldrm]

Well Sista,  we agree to disagree.  The truth is the CBI can do what ever it wants. The CBI,  is allowed to adjust to market needs without government approval. Maybe that's why the CBI law is not posted in the gazette.  Profoundly it's just like our FED. There is nothing in our Constitution that regulated the FED. Our own government has no control over the the FED and the FED dang well does what it wants.  That's the Fiat currency system as to which we are all banking on to be paid.  Right?   I will say that as to the actions of the CBI taken over the past few weeks they are listening to the government requests, for actions to address  banking liquidity and intervention in Smuggling.  Yes The S word.  We have to look at the big picture here.  1.  The CBI has to provide liquidity to the markets to prevent more depression.  2.  In order to provide that liquidity they have to ensure the market is protected from corruption.  What ever it takes including increased market value of the dollar.  These things must be addressed.  Just FYI, it make take longer than normal to get the budget into the gazette because of these CBI actions.

[TBomb]

DOES THE CBI DO WHAT IT WANTS? - WELL NOW THAT MALIKI'S GONE...I'D SAY YES...

 

MY PERSPECTIVE, AS YOU KNOW ;-), IS BASED ON THE LEGISLATION/LITERAL TERMS FOUND IN THE CONSTITUTION - SO FOR NOW, TAMIMI AND MOHSEN ARE DUKING IT OUT IN PUBLIC - AND WE ALSO SEE THE COM HAVING ALMOST DAILY MEETINGS WITH THE CBI SINCE THE BUDGET WAS PASSED - IT SEEMS THEY'RE WORKING TOGETHER - THE POT'S GETTING STIRRED, AND SO HOPEFULLY ALL THE "CRAP" WILL FLOAT TO THE TOP - AND THEY'LL GET COORDINATED RE PROCEDURES AND LAWS. 

 

MY HOPE IS THAT THIS ECONOMIC CONFERENCE COMING UP IN PARLIAMENT INVOLVING "FOREIGN INVESTORS" IS GOING TO ADDRESS THE INVESTMENT LAW LEGISLATION - WHICH IN TURN WILL CAUSE THE CBI TO HAVE TO SOON REVISE THE CBI BANKING LAWS - SO EVERYONE GETS ON THE SAME PAGE.

Edited February 3, 2015 by TBomb

[MyLadiesDaddy]

Thanks Beautiful Dream

Sorry I didn't mean to offend you.

[Butifldrm]

Thanks Beautiful Dream

Sorry I didn't mean to offend you.

 

LGD, I luv you I am not offended.      I just want to add that it is extremely important to get the fluctuations in the market rate under control and down to a 2% spread to protect the international investment Iraq so desperately needs in infrastructure.  It appears the market rate came down today from 1250 to 1238.  This is a positive step.  hopefully the CBI market intervention to stabilize the market rate is working.  We will just have to monitor on a daily basis.    http://www.cbi.iq/documents/CBI_FOREIGN_EXCHANGE_AUCTIONS.pdf